Bank of England base rate reduction – 6 February 2025
On Thursday 6 February, the Bank of England base rate (Bank Rate) was reduced from 4.75% to 4.50%.
As a result, the interest rate on all our mortgages that track the Bank Rate will be reduced by 0.25%.
We’re also reducing our Standard Variable Rate (SVR) by 0.25% to 7.99%.
For most customers, rate reductions will take effect on 1 March 2025.
If your interest rate is changing, we’ll write to you at least four working days before your rate changes to tell you your new rate and how your monthly payment will be affected.
You don’t need to do anything until you receive our letter.
Quickly estimate your new monthly payment
You can check the effect of a rate reduction now using our new rate change calculator.
You’ll need to know your current balance, repayment type, interest rate and remaining term. The calculator will show you how much your monthly payment is likely to change.
Use calculatorFor more information about rate changes, including a set of FAQs, please see our Rate change information page.
